Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign screen is currently dominated by highbeta opportunities in Bahrain, where fiscal constraints and a singleB credit rating create a pronounced spread pickup compared to regional peers like Saudi Arabia and Abu Dhabi. Yields across the curve offer compelling entry points for emergingmarket allocators, led by the shortend BHRAIN 6.5% maturing April 2028, which screens with an attractive yieldtoworst of 10.189% at a price of 98.98. Longerduration sovereigns similarly present robust totalreturn potential, highlighted by the BHRAIN 7.5% maturing September 2047 offering a 8.901% yieldtoworst, alongside multiple midtolongdated issuances clustering tightly in the 8.6% to 8.7% yield range.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.189 | 98.98 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.901 | 86.7919186 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.728 | 91.5425294 | 2037-07-07 | B | USD | 750MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.715 | 75.5976563 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.703 | 88.605 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.695 | 75.434712 | 2051-01-25 | B | USD | 500MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.668 | 85.725 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.648 | 92.7440938 | 2036-02-12 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.638 | 90.225 | 2036-06-10 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …7700 | 7.75 | 8.621 | 94.8292 | 2035-04-18 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.